private equity
The Emerging Markets Private Equity Association (EMPEA) is an Profile of EMPEA’s Membership
independent, member-based global industry association that pro-
motes greater understanding of and a more favorable climate Headquarter Region
for private equity and venture capital investing in the emerging CEE & CIS, 5%
markets of Africa, Asia, Central/Eastern Europe and Russia, Latin MENA, 7%
America, and the Middle East.
LatAm &
Caribbean, 9% North America, 34%
EMPEA was founded in 2004 with the belief that private equity can
be a critical driver of economic growth in emerging markets while
simultaneously generating strong returns for investors. Africa, 12%
Data and analysis presented in EMPEA publications is derived from EMPEA’s proprietary industry data-
base, FundLink, made possible with generous support from the following institutions: CDC Group plc,
Development Bank of South Africa (DBSA), DEG and Netherlands Development Finance Company (FMO).
We gratefully acknowledge their contributions.
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2009 Fundraising and Investment Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Fundraising
Fundraising By Region . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Profile of Funds With Closes in 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Fund Sizes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Largest EM PE Funds Raised to Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Investment
Investment Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Investments by Region . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Investment Concentration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Profile of Deals in 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Deal Sizes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
PE Penetration in Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
This report provides an overview of trends in fundraising and Statistics in this publication exclude real estate funds and
investment among private equity funds investing in the emerging funds-of-funds, although EMPEA does track these vehicles. Infra-
markets of Asia, Central and Eastern Europe (CEE)/Common- structure funds managed by private equity firms and making
wealth of Independent States (CIS), Latin America, the Middle private equity-style investments are included in this analysis (i.e.,
East and North Africa (MENA) and Sub-Saharan Africa. The sta- equity investments in infrastructure-related industries). Infrastruc-
tistics presented here are drawn from EMPEA’s database of funds ture investments that fit the conventional model, i.e., greenfield
and are based on data from press releases and trade publica- projects and/or project finance, are not included.
tions as well as communications with industry participants and
regional and local venture capital associations. Data and analysis presented in this publication is derived from
EMPEA’s proprietary industry database, Fundlink, which is made pos-
Fundraising totals reported herein reflect only official closes sible with generous support from the following institutions: CDC,
(first, second and/or final) as reported in public sources and DBSA, DEG and FMO. We gratefully acknowledge their contributions.
by the firms themselves. Capital commitments accruing prior to
or between official closes are not included in the totals. Invest- EMPEA would also like to acknowledge the information provided
ment totals included in the report reflect total equity amounts by a number of excellent partners and industry sources: AltAssets,
for transactions in which financial details have been reported. For Asia Private Equity Review, Asian Venture Capital Journal, Brazilian
both fundraising and investment data, amounts have been con- Private Equity and Venture Capital Association, European Bank
firmed wherever possible through information provided by the for Reconstruction and Development, European Venture Capital
fund managers themselves. Association, Center for Private Equity and Venture Capital Stud-
ies at FGV-EAESP, International Finance Corporation, InvestIQ,
The statistics in this report are based on the “market” approach, Mexican Private Equity Association, Preqin, Private Equity Inter-
i.e., EMPEA categorizes funds based on the countries or regions national, South African Venture Capital Association, VCCircle,
in which fund managers intend to invest. In the case of global Venture Intelligence, Zawya and Zero2IPO.
funds, only those funds investing primarily in emerging markets
are included in the totals (e.g., pan-Asia funds with a significant
portion of capital intended for investment in China and India).
• Latin America & Caribbean (LatAm & Carib.): Includes Central and
South America and the Caribbean region (excluding Puerto Rico).
Disclaimer: This information is intended to provide an indication of industry activity based on best information available from public and proprie-
tary sources. EMPEA has taken measures to validate the information presented herein but cannot guarantee the ultimate accuracy or completeness
of the data provided. EMPEA is not responsible for any decision made or action taken based on information drawn from this report.
Raising capital from Western institutions will continue to prove 2007 59.2 78% 53.1 53%
challenging until institutional investors see liquidity from the large 2008 66.5 12% 47.8 -10%
buyout commitments that represent the bulk of their PE exposure. 2009 22.6 -66% 22.1 -54%
That said, the first quarter of 2010 has yielded some encouraging
signs that investors are returning to the market. Provided that cash
flow pressures continue to ease, valuations continue a reasonable
trajectory and exit markets resume, EMPEA expects more vigorous EM PE Fundraising & Investment, 2004–2009 (US$B)
levels of activity in emerging markets in 2010.
$70 67
$0
30%
26
25% Funds Raised, % Global
Capital Invested, % Global
% of Global Total, US$B
20% 19
15% 14
12
11
10
10% 9 9
8
7 7
5% 4
0%
Fundraising by Region
EM PE Fundraising Totals by Region, 2004–2009 EM PE Fundraising Totals by Region, 2004–2009
(US$B) (US$m) Sub-
Emerging CEE LatAm & Saharan
$40
Asia & CIS Caribbean MENA Africa
$35 2004 $2,800 $1,777 $714 $326 $340
2005 $15,446 $2,711 $1,272 $2,669 $791
$30
2006 $19,386 $3,272 $2,656 $3,207 $2,092
US$ Billions
$5
$0
Emerging CEE & CIS LatAm & MENA Sub- Multi-
Asia Caribbean Saharan region
Africa
2004 2005 2006 2007 2008 2009
The slowdown in fundraising spanned all markets and regions, from a 50% decline in funds raised for Latin America, to an 84% decrease in
new commitments to Middle East/North Africa-dedicated funds. Emerging Asia fund commitments fell 60%, but their share of total capital
raised grew from 60% in 2008 to 71% in 2009.
11 7
70% 5 8 7 2006 2,098 222 2,884 4,279
10 10 25 8
60% 2007 2,510 1,790 4,569 3,890
27
50% 2008 3,589 880 7,710 14,461
10%
0%
2004 2005 2006 2007 2008 2009
Emerging Asia’s ascendancy continued in 2009, drawing 71% of capital raised, up from only 34% of total fundraising in 2004. This grow-
ing share is attributable to the larger sizes of many pan-Asian and China- or India-dedicated funds relative to other markets, as well as the
continued proliferation of new funds. The share of new commitments raised by funds focused on Central and Eastern European and CIS
markets has declined over the same period, falling from 27% of capital raised in 2004 to only 7% in 2009.
China-dedicated funds accounted for US$6.6 billion of the US$15.9 billion raised for Emerging Asia. China funds’ share of fundraising grew
from 22% of the emerging markets total in 2008 to 29% in 2009. India-dedicated funds raised US$4 billion in 2009, or 18% of the total.
As a group, funds focused on the BRIC markets accounted for US$11.5 billion raised versus US$26.6 billion in 2008.
Growth capital opportunities accounted for an even larger share of strategies among funds with final closes in 2009, representing 50%
of the sample, versus 42% in 2008. Venture capital funds continue to represent a significant portion of the market, accounting for 29% of
funds with final closes (but only 11% of capital raised).
While 2007 and 2008 saw the emergence of a number of multi-region and Asian funds focused on buyout transactions, i.e., control trans-
actions of mature companies rather than take-privates or the heavily levered transactions common in Western markets, 2009 was, not
surprisingly, a challenging year for buyout funds. Funds with a buyout focus accounted for only 11% of funds reaching a final close in 2009.
Consumer
Media & Telecom
Energy & Natural Resources
Analysis by stage and sector reflects funds achieving a final close in the year indicated. Of the 196 funds holding closes in 2009, 96 funds reached a final close.
Fund Sizes
The trend towards US$1 billion-plus funds began to slow in the latter Size Distribution of EM PE Funds with Final Closes
half of 2008. Funds reaching a final close at US$500 million or more by Number of Funds, 2007–2009 (%)
accounted for only 9% of the 2009 sample, versus 23% in 2008 and
100% 4
in 2007. 11
14 5
90% 9
Funds under US$250 million (i.e., making equity investments rang- 9 12
Size Distribution Among EM PE Funds with Final Closes, 2007–2009 Median Size of EM PE Funds with
2007 2008 2009
Final Closes, 2007–2009 (US$m)
Total Total Total $250
No. of Capital No. of Capital No. of Capital
Funds Raised Funds Raised Funds Raised 200
$200
(US$m) (US$m) (US$m)
US$ millions
Analysis of fund sizes reflects those funds achieving a final close in the year indicated. Of the 196 funds holding closes in 2009, 96 funds reached a final close.
Sub-Saharan Africa
Vintage Fund Size
Fund Manager Fund Name Year Fund Type Geographic Focus (US$m)
Brait Private Equity Brait IV 2006 Buyout South Africa $880
Ethos Private Equity Ethos Private Equity Fund V 2006 Buyout South Africa $750
Emerging Capital Partners ECP Africa Fund II 2005 Growth/Expansion Pan-Africa $523
Lereko Metier Capital Lereko Metier Capital Growth Fund 2006 Growth/Expansion Southern Africa $500
Kingdom Zephyr Africa Mgmt. Company Pan-African Investment Partners II 2008 Growth/Expansion Pan-Africa $492
Investment Overview
In 2009, emerging markets captured US$22.1 billion in PE EM PE Deal Volume by Quarter, 2008–2009
investment across 674 deals. Falling transaction sizes contrib- (US$B, No. of deals) 250
uted to a 54% drop in total investment value, while the number
$16
of PE transactions fell by only 11%. This compares to a 79% 203
13.5 13.2 191 200
decrease in value and 50% fewer deals in developed markets. $14 190 189
$12 194
Unlike in 2008, with investment levels fairly even across all four 182 10.2
11.0 150
US$ Billions
No. of Deals
$10
quarters, the sharp drop in investment levels during the first 141 8.6
139
quarter of 2009 (a 65% single quarter decrease) is indicative of $8
100
the myriad challenges facing investors. The pace of investments
$6 5.1
picked up slightly in the latter two quarters of 2009, representing 4.4
3.9
60% of the year’s transactions and 62% of total value. $4 50
$2
Six of the 10 largest investments in 2009 in Emerging Asian mar-
$0 0
kets took place in China, with noteworthy deals in the automotive
and financial services sectors. Outside of Asia, few deals exceeded Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2008 2008 2008 2009 2009 2009 2009
US$1 billion in 2009, with notable exceptions being CVC Capital
Partner’s purchase of the Central European operations of brewer
Deal value No. of deals
Anheuser-Busch InBev for US$1.2 billion, and Cairo-based Citadel
Capital’s acquisition of Egyptian Refining Company in October.
Note: The Hopu/Temasek US$4.6B PIPE transaction is not included in EMPEA’s aggregate totals for EM PE investment in 2009 due to its outlier size and the lack of
verified information on final transaction amount and equity stake awarded to Hopu.
Investment by Region
EM PE Investment Totals by Region, 2004–2009 Overall investment volume decreased in every region, attributable
(US$B) to the decline in transactions and sliding valuations. Investment
$35 levels in Emerging Asia dropped by 51% versus 2008, but deal
activity measured by number of transactions fell by only 5%.
$30
The slowdown in investment volume was equally pronounced out-
side of Asia, with deal volume falling 34%, 48%, 52% and 81% in
$25
MENA, CEE, Sub-Saharan Africa and Latin America, respectively.
However, transaction volume by number remained comparatively
US$ Billions
$10
EM PE Investment by Region and Value,
2004–2009 (% of Total)
$5 100%
4 6 6 6
16 15 5
90% 7 7 10
$0 1 12
4 6
80% 8
14 15
50%
EM PE Investment Totals by Region, 2004–2009
40%
(US$m)
Sub- 65 65 63
30% 60
Emerging CEE & LatAm & Saharan 57 59
Asia CIS Caribbean MENA Africa
20%
2004 $4,316 $986 $609 $137 $1,154
10%
2005 $7,692 $842 $1,015 $524 $1,723
2006 $22,468 $4,903 $4,264 $1,751 $1,292 0%
2007 $30,370 $8,345 $7,545 $3,526 $3,362 2004 2005 2006 2007 2008 2009
70% Other* Within Asia, China’s share of investment activity grew, from 32%
22
to 45% of value (rising from 44% to 49% of transactions). India
60% 29 captured a larger share of investment volume ($), rising from 26%
50%
to 29%, but a slightly smaller proportion of transactions, falling
26 from 41% to 37%. This suggests slightly higher deal values on aver-
40% age in India relative to China in 2009.
30%
45
20%
32
10% *Other includes Mongolia,
South Korea and Taiwan
0%
2008 2009
N=500 N=473
Investment Concentration
EM PE Investment Concentration by Value, 2009 (US$m, Number of Deals)
$989 (20)
Capital Invested
Country (US$m) No. of Deals
Brazil $989 20
China $6,288 233
India $4,011 176
$6,288 (233)
$9,851 (204) Russia/CIS $217 20
South Africa $748 21
BRICSA Total $12,253 470
EM Total $22,104 674
$4,011 (176)
BRICSA % of EM Total 55% 70%
$748 (21)
$217 (20)
Brazil Russia/CIS
A handful of markets accounted for more than half (55%) of
capital invested and a staggering 70% of transactions com-
China South Africa
pleted in 2009. Most notably, China and India alone counted
India Other EM Countries
509 deals between them, or 61% of the total, and US$10.2 bil-
lion, or 47% of total capital invested. Brazil, Russia and South
Africa each represented 3% of transactions and between 1 and
4% of total investment volume ($).
21 10
80% 33 Buyout
70% 36
PIPE
13 37
60%
50%
80 80
40%
58 63
30% 53
47
20% *Analysis based on sample of
transactions for which invest-
10% ment stage is verifiable.
0%
2008 Brazil 2009 2008 China 2009 2008 India 2009
N=24 N=20 N=62 N=233 N=83 N=176
EM PE Investment Sector Breakdown by Value, 2009 In 2009, the consumer sector and infrastructure gained in prom-
(US$m, No. of Deals) inence. Industrial and manufacturing companies continue to draw
($666, 28) the greatest share of capital across the emerging markets, repre-
($1,595, 136)
senting US$5.7 billion or roughly one-quarter (26%) of the total
value in 2009. Companies in the energy and natural resources
Industrials & Manufacturing
space, and consumer sector companies followed, with 18% and
Energy & Natural Resources
($2,169,
($5,742, 132)
15% of the total by value, respectively.
44) Consumer
Infrastructure Agribusiness is emerging as a distinct sector of interest, mov-
($2,315, 78)
Media & Telecom ing from US$436 million in 2008 to US$666 million in 2009, the
($3,981, 58) Banking & Financial Services only sector drawing an increase in investment ($) year over year.
($2,362,
60) Technology
Agribusiness
($3,276, 138)
Deal Sizes
Average Size of EM PE Investments by Region,
2008–2009 (US$m)
$180
$160 2008 156 Average Size of EM PE Investments by
148 Region, 2008–2009 (US$m)*
$140 2009 136
Region 2008 2009 Δ 2008–2009
$120
US$ millions
Average deal sizes fell in 2009 in every region with the exception of MENA, with the overall drop for emerging markets from US$77
million to US$45 million, a decrease of 41%. Perhaps more telling, however, is the shift in median deal sizes, which decreased 38%
in emerging markets overall, from US$20 million to US$13 million. The shift in median deal size was most pronounced in MENA and
Latin America, which each saw a 62% decline (whereas the average MENA deal value actually increased by 9%). Emerging Asia, Sub-
Saharan Africa and CEE/CIS markets saw median deal amounts fall by 39%, 38% and 25%, respectively.
An analysis of deal size distributions shows that the range in transaction sizes varies widely by market, with the middle two quartiles sig-
nificantly tighter in Emerging Asia, and with MENA in particular demonstrating the broadest range. The range in deal sizes in Sub-Saharan
African markets compressed dramatically in 2009, evidence of the disappearance of very large transactions from more developed private
equity markets like South Africa.
1.6%
1.42
1.4%
1.2%
PE Investment/GDP(%)
2008
1.03 1.06
2009
1.0%
0.8%
0.62
0.6%
0.52
0.40 0.38
0.4% 0.34 0.32 0.30 0.29 0.32
0.27 0.27
0.21 0.21
0.2% 0.15 0.17 0.16
0.13 0.15 0.11
0.08 0.07 0.09
0.06 0.02 0.04
0.0% 0.01 0.01
Israel United India United South South Sub- China MENA Turkey Brazil Japan Russia Poland Mexico
Kingdom States Africa Korea Saharan
Africa
30%
26
25% Funds Raised, % Global
Capital Invested, % Global
% of Global Total, US$B
20% 19
15% 14
12
11
10
10% 9 9
8
7 7
5% 4
0%
China-dedicated Funds
Baird Capital Partners Asia (BCPA) Baird Capital Partners Asia I (2008, Fundraising) Growth/Expansion China 100 65
Bengbu Zhongcheng Venture Investment Bengbu Zhongcheng VC Investment Company (2009, Closed) Growth/Expansion China N/A 18
(Government of Anhui Province-backed)
Capital Today Capital Today China Growth Fund II (2009, Fundraising) Growth/Expansion China 400 183
CCB International Ltd. (CCBI) CCBI Healthcare Fund (2009, Fundraising) Growth/Expansion China 356 234
CDH Investments CDH Fund IV (2009, Fundraising) Growth/Expansion China 1,400 1,030
Changzhou Pride Venture Investment LP Changzhou Pride Venture Investment LP (2009, Closed) Growth/Expansion China 25 25
China Everbright / Wuxi Guolian Everbright Guolian Capital Fund (2009, Closed) Venture Capital China 73 73
Investment Group Co.
China Science & Merchants Capital Beijing Zhongke Fangshan Venture Investment Fund (2009, Closed) Growth/Expansion China 73 73
Mgmt. (CSM / CSMVC) Group
China Science & Merchants Capital CSM Zhongke Baiyun Equity Investment Fund (2009, Fundraising) Growth/Expansion China 734 117
Mgmt. (CSM / CSMVC) Group
China Soft Investment Corporation Zhonghua Software Investment Fund (2009, Fundraising) Venture Capital China 29 15
CID Group CID Greater China Venture Capital Fund III (2009, Fundraising) Venture Capital China 200 34
CITIC Capital CITIC Capital China Partners II (CCCP II) (2009, Closed) Buyout China 500 925
CITIC Private Equity Funds Mgmt. Co. CITIC Mianyang Private Equity Fund (2009, Closed) Growth/Expansion China 1,321 1,318
(CITIC Securities)
CTC Capital CTC Li Yang (Yangzhou) VC Cooperation Fund (LYVCCF) (2009, Closed) Venture Capital China 44 44
DBS Private Equity DBS Private Equity China Fund (2009, Closed) Growth/Expansion China 100 100
Envision Capital Envision High Growth Fund (2009, Closed) Growth/Expansion China 73 73
Everbright Venture Investment Mgmt. Co. Ltd. China Everbright Venture Investment Jiangyin Co., Ltd. (2009, Closed) Growth/Expansion China 73 73
Foshan Venture Capital Foshan Venture Capital Fund (2009, Closed) Venture Capital China 7 7
Fujian Provincial Investment Develop- Fujian Province Venture Investment Fund (2009, Closed) Venture Capital China 88 88
ment Group (FPIDG)
Grand Asia Tonglu Value Investment Grand Asia Tonglu Value Investment (Xi'an) Company, LP Venture Capital China 23 22
(Xi'an) Company, LP (2009, Closed)
GSR Ventures GSR Ventures III (2009, Closed) Venture Capital China 383 383
Hubei Hi-tech Industrial Investment HHII / Daiwa SMBC Hubei Gaohe VC Investment Fund Venture Capital China 59 59
(HHII) / Daiwa SMBC Capital (2009, Closed)
Innovation Works Innovation Works Fund (2009, Closed) Venture Capital China N/A 115
Jiangsu Top-Bridge Capital Co., Ltd. Jiangsu Chenghui Capital Co. (Top-Bridge) Fund (2009, Closed) Growth/Expansion China 29 29
(Top-Bridge)
Keytone Ventures Keytone Ventures China Fund (2008, Closed) Venture Capital China 200 200
Nanjing Hi-Tech Venture Capital Co. Nanjing Hi-Tech Zhongcheng VC Investment Fund (2009, Closed) Growth/Expansion China 56 55
New Horizon Capital New Horizon Capital China Fund (2009, Closed) Growth/Expansion China 137 146
Peony Jiangnan Venture Investment Co., Ltd. Peony Jiangnan Venture Investment Co., Ltd. Fund (2009, Closed) Growth/Expansion China 44 44
Prax Capital Mgmt. Co. Prax Capital (Tianjin) Growth Capital Fund (2009, Closed) Growth/Expansion China 73 82
Shaanxi Tiandi Tourism Venture Shaanxi Tiandi Tourism Venture Investment Enterprise Fund Growth/Expansion China 220 15
Investment Enterprise (2009, Fundraising)
Shandong Technology Venture Capital Shandong Technology Venture Capital Co., Ltd. (2009, Closed) Venture Capital China 15 15
Co., Ltd.
Shanxi Jinfeng Huizhi Venture Investment Co. Shanxi Jinfeng Huizhi Venture Investment Company (2009, Closed) Venture Capital China 44 44
Shenzhen Capital Group Co., Ltd. (SCGC) Changzhou Hongtu VC Fund (2009, Closed) Venture Capital China 20 20
India-dedicated Funds
Ambit Pragma Ventures Ambit Pragma Ventures (2008, Closed) Growth/Expansion India 100 65
Avigo Capital Partners Ltd. Avigo SME Fund III (2009, Fundraising) Growth/Expansion India 250 150
Berkeley Energy Berkeley Renewable Energy Asia Fund (REAF) (2009, Fundraising) Growth/Expansion India N/A 75
Caspian Advisors India Financial Inclusion Fund (IFIF) (2008, Closed) Microfinance India 100 89
Catamaran Venture Fund Catamaran Venture Fund (2009, Closed) Venture Capital India N/A 128
CX Partners CX Partners Fund Alpha Ltd. (2009, Fundraising) Growth/Expansion India 500 220
Edelweiss Capital Ltd Edelweiss Special Opportunities Fund (ESOF) (2009, Fundraising) Distressed Debt/ India 200 105
Special Situations
Forum Synergies (India) PE Fund India Knowledge-Manufacturing Fund I (IKMF-I) (2009, Fundraising) Growth/Expansion India 250 135
Managers Ltd.
Hyderabad Information Technology HIVE Fund II (2009, Closed) Venture Capital India 25 25
Venture Enterprises Ltd
ICICI Venture Funds Mgmt. India Advantage Fund Series III (2009, Fundraising) Growth/Expansion India 500 350
ICICI Venture Funds Mgmt. India Advantage Fund VII (Mezzanine Fund I) (2007, Closed) Mezzanine India 113 95
IDFC Project Equity India Infrastructure Fund (IIF) (2008, Closed) Growth/Expansion India 1,000 927
India Value Fund Advisors Private Ltd. India Value Fund IV (2009, Closed) Growth/Expansion India 700 725
(formerly GW Capital)
Jacob Ballas Capital India New York Life Investment Mgmt. India Fund III (2008, Closed) Growth/Expansion India 500 440
Kotak Private Equity Group (KPEG) (PE Kotak India Private Equity Fund (2009, Fundraising) Growth/Expansion India 250 76
arm of Kotak Mahindra Bank)
Lighthouse Funds India 2020 Opportunity Fund (2008, Closed) Venture Capital India 125 104
Macquarie Group / State Bank of India (SBI) Macquarie-SBI Infrastructure Fund (MSIF) (2009, Fundraising) Growth/Expansion India 2,000 1,037
NASSCOM / ICICI Knowledge Park NASSCOM / ICICI Knowledge Park Innovation Fund (NIIF) (2009, Fundraising) Venture Capital India 42 9
Rajasthan Asset Mgmt. Company Pvt. Ltd. Rajasthan Venture Capital Fund II (RVCF II) (2009, Closed) Venture Capital India 100 20
MENA Funds
Beltone Private Equity Beltone Midcap Fund (2009, Fundraising) Growth/Expansion MENA 200 30
Byblos Ventures Byblos Private Equity Fund (2009, Fundraising) Growth/Expansion Lebanon 40 20
Capital Trust SA EuroMena II (2009, Closed) Growth/Expansion MENA 150 150
Gulf Capital Gulf Capital Equity Partners II (2008, Fundraising) Buyout Middle East 500 475
NBK Capital NBK Mezzanine Fund I (2009, Closed) Mezzanine MENA 200 156
Saffar Capital Saffar Financial Infrastructure Fund (2009, Fundraising) Growth/Expansion MENA 150 20
Sphinx Capital / Citadel Capital Sphinx Distressed Turnaround Fund (2009, Fundraising) Distressed Debt/ Egypt 100 52
Special Situations
The Carlyle Group Carlyle MENA Partners (2007, Closed) Buyout MENA 500 500
UBS Asset Mgmt. / Invest AD Invest AD-UBS Infrastructure Fund I (2009, Fundraising) Growth/Expansion MENA, Turkey 600 250
Multi-Region Funds
Actis Actis Infrastructure 2 (2008, Closed) Buyout South and 1,000 751
Southeast Asia,
Sub-Sah. Africa
Cartica Capital Emerging Markets Corporate Governance Fund (2009, Fundraising) Growth/Expansion Pan-EM N/A 200
Developing World Markets DWM Microfinance Equity Fund I (2009, Fundraising) Microfinance Pan-EM N/A 82
Leapfrog Investments Leapfrog Microfinance Fund (2009, Fundraising) Microfinance India, Indonesia, 100 50
Philippines,
Pakistan, Uganda,
South Africa
MicroVest Microvest II (2009, Closed) Microfinance Pan-EM 70 60
Wolfensohn Capital Partners Wolfensohn Capital Partners Private Equity Fund (2007, Closed) Growth/Expansion Pan-EM 500 250